Ex-Jefferies Managing Director Jesse Litvak, deemed an 'elite' fraudster by prosecutors for being the only person convicted of fraud over a $20bn government bailout program, was sentenced to two years in prison for lying to customers about mortgage-backed securities.

David Cameron is considering basing himself in Scotland for much of the last two weeks of the Scottish referendum campaign, in a move opposed by Liberal Democrat cabinet colleagues who say he could damage the no campaign.